Bad Homburg – November 03, 2026 -- Fresenius Medical Care narrowed its 2026 operating income outlook to between flat and negative mid-single-digit growth after third-quarter reported operating income fell 19% to EUR 384 million. Reported net income dropped 42%, mainly because of EUR 108 million in one-time costs tied to the company's China strategy refinement.

The company's revenue outlook remains broadly flat. New CEO Shervin J. Korangy said the narrowed range reflects operating income in the first nine months and expected fourth-quarter headwinds, placing 2026 in the lower half of the previous range.

China exit drives EUR 108 million in special charges

In China, Fresenius Medical Care discontinued local production and sales of the 4008A hemodialysis system and exited its peritoneal dialysis business, while maintaining existing market obligations. The costs, mainly impairments, scrappage and termination expenses, are booked as a special item in Care Enablement.

Q3 operating margin fell to 7.8% from 9.8% a year earlier. Excluding special items, operating income declined 5% (6% at constant currency) to EUR 545 million, a margin of 11.0% against 11.7% in Q3 2025. Earnings per share held stable, supported by the share buyback program.

Group revenue reaches EUR 4,937 million with 0.1% organic growth

Q3 group revenue rose 1% (down 1% at constant currency) to EUR 4,937 million. Divestitures cut 30 basis points from growth. For the first nine months, revenue declined 1% to EUR 14,409 million, but rose 2% at constant currency and 3% organically.

Care Delivery revenue grew 3% to EUR 3,492 million, and operating income rose 18% to EUR 497 million, a 14.2% margin against 12.3%. Excluding negative TDAPA effects, underlying Care Delivery operating income improved 21%, according to CFO Martin Fischer.

• Care Delivery U.S.: revenue rose 3% to EUR 2,920 million, as favorable rate effects offset TDAPA reimbursement headwinds. Same-market treatment growth was -1.1%.
• Care Delivery International: revenue rose 2% to EUR 572 million, up 6% organically. Same-market treatment growth was 1.4%.
• Value-Based Care: revenue fell 7% to EUR 537 million, driven by changed risk contracting on one contract.
• Care Enablement: revenue rose 7% to EUR 1,451 million, with 5008X CAREsystem sales driving pricing and volume outside China.

5008X rollout reaches 348 U.S. clinics and 1.3 million treatments

About 16% of dialysis machines in the company's U.S. clinics have been replaced with the 5008X CAREsystem since its early-2026 launch. Fresenius Medical Care targets around 20% for the full year. The system has performed 1.3 million treatments, including more than 500,000 HDF and more than 300,000 HvHDF treatments.

The company said early HvHDF observations are directionally better than previously published real-world data linking the modality to fewer hospitalizations, fewer missed treatments and improved survival. It plans to publish patient-experience, hospitalization and survival data through 2027.

In October, the company launched multiFiltratePRO in the U.S. for critically ill patients with acute kidney injury. It is the first FDA-cleared continuous kidney replacement therapy system for regional citrate anticoagulation using the Ci-Ca Protocol. The launch followed approval of the sodium citrate solution Cienby and the calcium chloride solution Calrezdy.

FME25+ delivers EUR 74 million in Q3 savings toward EUR 1.2 billion target

The FME25+ transformation produced EUR 74 million of additional sustainable savings in Q3, against EUR 54 million in related one-time costs. For 2026, the company expects EUR 250 million in savings and EUR 350 million in one-time costs. Cumulative savings are expected to reach EUR 1.2 billion by the end of 2027.

Buyback reaches EUR 357 million, or 3.4% of shares

The second share buyback program, announced May 26 with a volume of around EUR 1 billion, is executed in tranches within 12 months. Its first tranche began May 28 and is scheduled to end December 15, 2026. By September 30, the company had repurchased 9.1 million shares, or 3.4% of shares issued, for EUR 357 million.